Slides
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3rd Quarter 2026 Earnings Call O c t o b e r 2 3 , 2 0 2 6
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Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that th e expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward - looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10 -K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026. 1
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TriCo Transaction Update 2 Regulatory & Shareholder Approvals • FDIC application submitted August 9; Hawaii DFI application August 10 • Federal Reserve notice and California DFPI exemption request filed August 10 • Form S-4 declared effective September 16; joint proxy mailed September 22 • First Hawaiian and TriCo special meetings scheduled for October 29 • Awaiting all required regulatory approvals Integration Planning • Integration Management Offices established within both banks • Legal Day One planning underway • Senior leadership positions for Rick Smith, Dan Bailey and Peter Wiese • Closing expected in fourth quarter 2026¹ Next: First Hawaiian and TriCo shareholder votes on October 29; closing targeted by year-end 2026¹ (1) Subject to receipt of required regulatory approvals, First Hawaiian and TriCo shareholder approvals and satisfaction of customary closing conditions Expected Timeline Actions Taken Next Steps Transaction announced July 13 Initial regulatory submissions (FDIC, HI DFI, CA DFPI, FRB) August 9–10 S-4 filed (9/1), effective (9/16); joint proxy mailed (9/22) September First Hawaiian and TriCo shareholder votes October 29 Remaining regulatory approvals and DOJ waiting period Expected Q4 2026 Targeted closing; Tri Counties Bank merges into First Hawaiian Bank¹ By year-end 2026 Systems / core conversion 2H 2027
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Q3 2026 Financial Highlights1 (1) Comparisons to Q2 2026 (2) ROATA and ROATCE are non-GAAP financial measures. A reconciliation of average tangible assets and average tangible stockholders’ equity to the comparable GAAP measurements is provided in the appendix of this slide presentation. (3) Declared on October 21, 2026. Payable November 27, 2026 to shareholders of record at close of business on November 16, 2026. 3 • Net income: $63.7 mm • Cost of deposits: 1.17% • Net interest margin increased 5 bp to 3.30% • Recorded $20.3 mm provision, primarily due to a $12.5 mm partial charge-off related to a single CRE loan and other CRE loan downgrades • Results include a $24.3 mm noninterest expense and a $31.0 mm income tax benefit from an agreement to settle tax liabilities resulting from the 2016 corporate reorganization Q3 2026 Q2 2026 Net Income ($mm) $63.7 $73.4 Diluted EPS $0.52 $0.60 Net Interest Margin 3.30% 3.25% Efficiency Ratio 69.2% 56.2% ROA / ROATA2 1.06% / 1.10% 1.23% / 1.28% ROE / ROATCE2 8.88% / 13.67% 10.52% / 16.34% Tier 1 Leverage Ratio CET1 Capital Ratio Total Capital ratio 9.61% 13.50% 14.74% 9.46% 13.27% 14.52% Dividend3 $0.26 / share $0.26 / share
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Q3 2026 Balance Sheet Highlights1 4 $ in millions 9/30/26 6/30/26 Assets Cash and Cash Equivalents2 $ 1,329.9 $ 1,012.5 Investment Securities - AFS 2,016.9 2,094.7 Investment Securities - HTM 3,347.0 3,411.7 Loans and Leases 14,462.2 14,577.3 Total Assets 23,764.0 23,646.0 Liabilities Deposits $ 20,204.6 $ 20,154.2 Short-term borrowings - - Total Stockholders’ Equity 2,817.5 2,826.0 (1) Comparisons to June 30, 2026 (2) Includes Cash and due from banks and Interest-bearing deposits in other banks (3) TBV/share (tangible book value per share) is a non-GAAP financial measure. A reconciliation of TBV/share to the comparable GAAP measurement is provided in the appendix of this slide presentation • Total loans and leases decreased $115.1 mm • Total deposits increased $50.4 mm • No outstanding short-term or long-term borrowings • No shares repurchased in third quarter • Well capitalized: 13.5% CET1 ratio • TBV/share3 = $14.97 / share
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5.4 5.5 5.5 4.1 4.0 4.0 2.0 2.3 2.3 1.0 1.0 1.1 1.2 1.2 1.20.4 0.5 0.5 14.1 14.6 14.5 Sep-25 Jun-26 Sep-26 ($ billions) Loans Declined $115 mm (69) (47) (35) (4) 8 11 21 Consumer Total Loans and Leases 9/30/26 vs 6/30/26 Net Changes ($ millions) Note: Segments may not sum to total due to rounding CRE C&I CRE & Construction Residential Home Equity Construction Residential C&I Consumer Home Equity Leasing Leases Q3 Highlights • Decline in CRE balances driven by payoffs from unexpected refinancings and maturities. • Decline in C&I balances primarily due to $31 mm decline in dealer flooring • Residential loan balances down due to slowdown in refinancing activity 5
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10.59.1 0.6 Retail Commercial Public Cost of Deposits Down 3 bp Total Deposits Up $50 mm 6.8 6.4 6.4 6.7 6.1 6.2 3.9 4.3 4.3 3.4 3.3 3.2 20.7 20.2 20.2 Sep-25 Jun-26 Sep-26 ($ billions) Total Deposits Deposit Composition ($ billions) Note: Segments may not sum to total due to rounding Quarterly Cost of Deposits 138 bps 120 bps 117 bps Q3 Highlights • 117 bp cost of deposits, down 3 bp • $50 mm increase in total deposits o Commercial deposits up $138 mm, retail deposits down $102 mm, o $14 mm increase in public operating deposits, no change in public time deposit balance o Public time deposit balance remains at $9.0 mm • 32% noninterest bearing / total deposit ratio Time Money Market Savings Demand 6
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169.3 171.0 174.1 3.19% 3.25% 3.30% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 120.0 125.0 130.0 135.0 140.0 145.0 150.0 155.0 160.0 165.0 170.0 175.0 180.0 185.0 190.0 195.0 200.0 205.0 210.0 Q3 25 Q2 26 Q3 26 R: 252 G: 178 B: 54R: 180 G: 31 B: 40 $3.1 mm Increase in Net Interest Income 5 bp Increase in NIM ($ millions) Net Interest Income and Net Interest Margin Q3 Highlights • Net interest margin increased 5 bps in Q3 due to asset repricing and more favorable deposit mix and cost • Q3 results only reflect partial month impact from the September fed rate increase • 1.17% total cost of funds, down 3 bps 3.25% 0.02% 0.03% 3.30% Q2 2026 Asset Repricing Deposit Repricing/Mix Q3 2026 Q2 ’26 – Q3 ‘26 NIM Walk 7
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125.7 126.2 129.0 55.3% 56.2% 69.2% Q3 25 Q2 26 Q3 26 57.1 60.3 56.1 Q3 25 Q2 26 Q3 26 R: 252 G: 178 B: 54R: 180 G: 31 B: 40 Noninterest Income and Expense 8 ($ millions) Noninterest Income Noninterest Expense Efficiency Ratio ($ millions) • Q3 2026 includes • $24.3 mm tax settlement expense • $6.7 mm of merger-related costs 160.0 24.3 130.4 Tax Settlement Expense $6.7 mm merger- related costs $4.2 mm merger- related costs
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Q3 Credit Highlights 9 Comments Increase in Net Charge-offs • Driven by $12.5 mm partial charge-off of a participated loan on a downtown Seattle office building Increase in Criticized Loans • Increase due to downgrades of four CRE loans Provision expense • Approximately $12.5 mm due to office loan charge-off and approximately $7 mm due to CRE loan downgrades Increase in Non-Performing Assets Ratio • Increase related to approximately $14.7 mm of residential loans, as well as the remaining $11 mm of the Seattle office building loan being placed on non-accrual status • The increase in residential loans was related to operational issues stemming from the recent outsourcing of our residential mortgage servicing • Since the end of the quarter, 40% of the residential loans have been brought current
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Asset Quality Remains Strong 10 NPAs and 90+ days past due to total loans, including leases and OREO Annualized QTD NCOs to average total loans and leases Allowance for credit losses to total loans and leases Commercial criticized loans to total loans and leases
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2026 Outlook (Does not reflect adjustments that would occur if the business combination transaction with TriCo were to close during 2026) (As of 10/23/26) 11 Outlook Prior Outlook Loans Full year loan growth at 1% - 2% Full year loan growth at 3% - 4% Net Interest Margin Q4 NIM expected to be 3.34% - 3.35% Full year NIM outlook approximately 3.26% - 3.27% Full year NIM outlook approximately 3.24% - 3.25% Noninterest Income Unchanged Full year noninterest income ~$220 mm Noninterest Expense (excluding merger-related costs and Q3 tax settlement expense) Full year expenses $510 - $515 mm Full year expenses $515 - $520 mm Effective Tax Rate Unchanged ~22.5% Merger-related costs Approximately $25 mm in Q4 N/A
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Questions
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13 Appendix
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Allowance for Credit Losses Rollforward of the On-Balance Sheet Allowance for Credit Losses • $20.3 million provision expense driven by $12.5 mm partial charge-off related to a single CRE loan and approximately $7 mm related to several commercial loans downgrades • Reserve levels continue to provide for uncertainty 14 ($ in 000’s) C&I CRE Const Lease Mortgage Home Equity Consumer Total 6/30/2026 18,788 38,949 7,950 2,464 36,446 15,302 48,157 168,056 Charge-offs -6,918 -12,465 - -6 - - -6,281 -25,670 Recoveries 1,444 - - - 11 69 2,198 3,722 Provision 1,884 12,380 5,060 -220 -1,274 -959 1,458 18,329 9/30/2026 15,198 38,864 13,010 2,238 35,183 14,412 45,532 164,437 % of Total ACL 9.2% 23.6% 7.9% 1.4% 21.4% 8.8% 27.7% 100.0% Total Loan Balance 2,304,567 4,714,502 739,531 461,604 3,996,717 1,177,610 1,067,697 14,462,228 ACL/Total LL 0.66% 0.82% 1.76% 0.48% 0.88% 1.22% 4.26% 1.14%
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Commercial Real Estate 15 (As of 9/30/26) CRE exposure decreased $69 mm from Q2 2026 with the larger decreases in Retail and Office, offset by a large increase in Industrial. The portfolio continues to be well diversified across property types, well secured with a weighted average LTV of 59.1%. Criticized rate increased to 7.3%. • Office exposure in CRE represents approximately 4.7% of total loans and leases, with criticized office CRE at 9 bps of total loans and leases. • The CRE portfolio continues to demonstrate stable performance, remaining within expectations. Property Type Balances ($ mm) % of Balances Weighted Average LTV % Criticized Office 678 14.4% 60.9% 2.0% Hotel 466 9.9% 54.2% 6.6% Retail 1,072 22.7% 61.7% 3.3% Multi-family 958 20.3% 56.8% 17.7% Industrial 739 15.7% 57.6% 7.2% Dealer Related 461 9.8% 65.9% 0.5% Other 341 7.2% 54.7% 12.4% Total 4,715 100.0% 59.1% 7.3%
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Commercial & Industrial 16 (As of 9/30/26) • Industries deemed to exhibit higher volatility represent a modest amount of total C&I exposure and dealer related credits represent about 34.0% of total C&I. • Exposure to Non-Depository Financial Institutions (NDFIs) was $111.8 mm at 9/30/26, relatively unchanged from $110.4mm at 6/30/26. Over 99% of our NDFI exposure is to REITs. Industry Balances ($ mm) % of Balances % Criticized Auto Dealers 783 34.0% 0.5% Retail - 0.0% 0.0% Hospitality/Hotel 90 3.9% 0.9% Food Service 39 1.7% 0.4% Transportation 96 4.1% 0.0% Other 1,298 56.3% 2.9% Total 2,306 100.0% 1.9%
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Construction 17 (As of 9/30/26) • The construction book is concentrated in Multi-family and largely centered in rental and for-sale housing. • The multi-family criticized rate is 0.0%, unchanged from Q2 2026. Property Type Balances ($ mm) % of Balances Weighted Average LTV % Criticized Office 23 3.1% 44.0% 100.0% Hotel 58 7.8% 46.2% 0.0% Retail 3 0.4% 67.6% 0.0% Multi-family 456 61.6% 52.0% 0.0% Industrial 91 12.3% 60.9% 0.0% Dealer Related 27 3.7% 60.0% 0.0% Other 82 11.1% 58.4% 1.1% Total 740 100.0% 53.5% 3.2%
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Summary Income Statement Quarter ended ($ in millions except per share data) 9/30/26 6/30/26 9/30/25 Net interest income $ 174.1 $ 171.0 $ 169.3 Provision for credit losses 20.3 5.6 4.5 Noninterest income 56.1 60.3 57.1 Noninterest expense 160.0 130.4 125.7 Pre-tax income 49.9 95.2 96.1 Tax (benefit) expense (13.9) 21.9 22.3 Net Income $ 63.7 $ 73.4 $ 73.8 Diluted earnings per share $ 0.52 $ 0.60 $ 0.59 18 Note: Totals may not sum due to rounding.
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Selected Balance Sheet Items ($ in millions except per share data) As of 9/30/26 6/30/26 9/30/25 Selected Assets Investment securities – AFS $ 2,016.9 $ 2,094.7 $ 1,986.7 Investment securities – HTM 3,347.0 3,411.7 3,594.2 Loans and leases 14,462.2 14,577.3 14,129.4 Total assets 23,764.0 23,646.0 24,098.7 Selected Liabilities and Stockholders’ Equity Total deposits $ 20,204.6 $ 20,154.2 $ 20,729.6 Short-term borrowings - - - Total stockholders’ equity 2,817.5 2,826.0 2,733.9 Shares Outstanding 121,681,352 121,680,634 123,719,585 Book value per share $ 23.16 $ 23.22 $ 22.10 Tangible book value per share (1) 14.97 15.04 14.05 Tier 1 Leverage Ratio 9.61 % 9.46 % 9.16 % CET 1 / Tier 1 13.50 % 13.27 % 13.24 % Total Capital Ratio 14.74 % 14.52 % 14.49 % 19 (1) Non-GAAP financial measure. A reconciliation to the directly comparable GAAP measure is provided in the appendix of this slide presentation.
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GAAP to non-GAAP reconciliations Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP . Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy. The following tables provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures. 20
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GAAP to Non-GAAP Reconciliation 21 (1) Annualized for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025 and nine months ended September 30, 2026 and September 30, 2025. (dollars in thousands) Income Statement Data: Net income $ 63,730 $ 73,375 $ 73,840 $ 204,889 $ 206,335 Average total stockholders' equity $ 2,845,750 $ 2,796,857 $ 2,710,273 $ 2,810,686 $ 2,672,284 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible stockholders' equity $ 1,850,258 $ 1,801,365 $ 1,714,781 $ 1,815,194 $ 1,676,792 Average total assets $ 23,955,273 $ 23,954,425 $ 23,993,685 $ 23,997,190 $ 23,914,896 Less: average goodwill 995,492 995,492 995,492 995,492 995,492 Average tangible assets $ 22,959,781 $ 22,958,933 $ 22,998,193 $ 23,001,698 $ 22,919,404 Return on average total stockholders' equity (1) 8.88 % 10.52 % 10.81 % 9.75 % 10.32 % Return on average tangible stockholders' equity (non-GAAP) (1) 13.67 % 16.34 % 17.08 % 15.09 % 16.45 % Return on average total assets (1) 1.06 % 1.23 % 1.22 % 1.14 % 1.15 % Return on average tangible assets (non-GAAP) (1) 1.10 % 1.28 % 1.27 % 1.19 % 1.20 % (dollars in thousands, except per share amounts) Balance Sheet Data: Total stockholders' equity $ 2,817,544 $ 2,826,028 $ 2,769,365 $ 2,733,921 Less: goodwill 995,492 995,492 995,492 995,492 Tangible stockholders' equity $ 1,822,052 $ 1,830,536 $ 1,773,873 $ 1,738,429 Total assets $ 23,764,015 $ 23,646,049 $ 23,955,252 $ 24,098,728 Less: goodwill 995,492 995,492 995,492 995,492 Tangible assets $ 22,768,523 $ 22,650,557 $ 22,959,760 $ 23,103,236 Shares outstanding 121,681,352 121,680,634 122,689,256 123,719,585 Total stockholders' equity to total assets 11.86 % 11.95 % 11.56 % 11.34 % Tangible stockholders' equity to tangible assets (non-GAAP) 8.00 % 8.08 % 7.73 % 7.52 % Book value per share $ 23.16 $ 23.22 $ 22.57 $ 22.10 Tangible book value per share (non-GAAP) $ 14.97 $ 15.04 $ 14.46 $ 14.05 As of As of As of As of For the T hree Months E nded For the Nine Months E nded September 30, June 30, September 30, September 30, 2026 2026 2025 2026 2025 September 30, June 30, December 31, September 30, 2026 2026 2025 2025